Qatar: Lesha Bank records a net profit of $26mln, reflecting 25% growth in 2023

Qatar: Lesha Bank records a net profit of $26mln, reflecting 25% growth in 2023

Qatar - Lesha Bank LLC (Public) (the “Bank” or “Lesha Bank”) unveiled its financial year results for the year ending on December 31, 2023, as approved by the Bank's board of directors. The Bank recorded a net profit of QAR 94.4 million attributed to the equity holders of the Bank, representing a 25.1% increase compared to the same period last year. The results were bolstered by growth in the Bank's key business domains, including private equity, real estate, and treasury. Additionally, recurring income from placements and fee-based income streams contributed to the positive outcome. The Bank's diversified investment portfolio achieved an 18% growth in Assets Under Management (AUM), reaching QAR 6.2 billion. This reflects the accomplishment of the Bank's fee-based income business model over the year and the increased demand seen for tailor-made investment solutions. Total assets of the Bank continued their upward trajectory, reaching QAR 6.3 billion, compared to QAR 5.2 billion in 2022, marking a 20% increase. Furthermore, the Bank's total investments expanded by 34% year-over-year, reaching QAR 2.7 billion from QAR 2billion. A rebound in profitability resulted in the total equity reaching QAR 1.2 billion, an increase of 9% compared to the corresponding period last year. Return